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Little Reaction To Beige Book, Late Fedspeak Ahead

STIR FUTURES
  • Fed Fund implied rates see limited reaction to the Beige Book, holding an earlier solid increase for the day. Economic activity was deemed little changed in recent weeks whilst the summary on credit conditions was relatively limited ahead of the SLOOS. It did however note lending volumes and loan demand generally declined but of note was that only “several” districts saw tightened lending standards.
  • 22.5bp for May 3 (+1bp) before a cumulative 29bp for Jun (+2bp), -2bps for Nov from current levels (+5bp) and -19bps from current to 4.64% for Dec (+5.5bp).
  • Ahead, Goolsbee (’23 voter) in an interview at 1730ET and Williams (voter) at 1900ET. Both spoke last week although Williams likely more of note on the economic and policy outlook with text/Q&A at the Money Marketeers of New York University. Williams noted Apr 11 prior to Mar CPI that core services inflation has not budged.
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